AUSTRAC reporting
IFTIs and CBMs: What Solicitors Handling Estates and Overseas Clients Need to Know
26 September 2026 · 4 min read
In brief
An IFTI concerns an instruction to transfer funds or property into or out of Australia, while a CBM concerns physical cash or monetary instruments crossing the border. They have different triggers, thresholds and deadlines.
Estates with overseas beneficiaries, property sales to non-resident buyers and international settlements are common in legal practice. Two AUSTRAC report types relate to money crossing the border.
International funds transfer instructions (IFTIs)
- IFTI-E: an electronic funds transfer to or from another country - IFTI-DRA: a transfer under a designated remittance arrangement, where the entity accepting the instruction or the entity making the funds available is not a financial institution
Does your firm have to lodge it? That depends on your role in the transfer. Where a transfer goes through your bank, the bank may be the entity with the IFTI obligation. Map your fund flows and confirm your position with AUSTRAC guidance or your adviser, and record the decision.
AUSTRAC has also flagged that IFTI reporting is due to be replaced by a new format in 2029.
Common IFTI errors AUSTRAC sees:
- What: an instruction to send or receive funds or property into or out of Australia.
- Threshold: none. In-scope international transfers must be reported whatever the amount.
- Deadline: within 10 business days after the instruction is sent or received.
- Types:
- missing or duplicated transaction reference numbers
- incomplete addresses for the sender and the final recipient
- missing identity-document issuer details
- missing details of the electronic verification source
- incorrect country details
Cross-border movement reports (CBMs)
- Australian and foreign notes and coins - bearer negotiable instruments such as cheques, bills of exchange, promissory notes, bearer bonds, traveller's cheques, money orders and postal orders
- What: physical cash or monetary instruments worth A$10,000 or more combined moved into or out of Australia by being carried, mailed or shipped.
- Monetary instruments include:
- Timing: generally before the instruments pass through Customs or leave Australia. If received from overseas, within 5 business days of receipt.
The key distinction
An IFTI covers an instruction to transfer value. A CBM covers physical instruments crossing the border. AUSTRAC specifically asked solutions to help users tell the two apart.
How Comply.LM helps
General information only, not legal advice.
- Today: verified identity and address data, including ID-document issuer details, which are among the most commonly missing IFTI fields.
- Available in Comply.LM: A guided report decision flow distinguishes IFTI-E and CBM obligations, pre-fills known customer data and checks required fields before approval.
Authoritative sources
This article draws on current AUSTRAC guidance. Always check the source guidance for updates that apply to your circumstances.
Common questions
Is there a minimum IFTI amount?
No monetary threshold applies to an in-scope IFTI.
When is a CBM due?
A CBM is generally due before instruments leave or enter Australia. If instruments are received from overseas, the deadline is within five business days after receipt.